- Business News
Global investors navigate high interest rates amid inflation control efforts
Amid recession concerns, inflation, and high interest rates, investors seek promising investment avenues. Stock enthusiasts believe global interest rates are close to peaking, while central banks watch inflation. The US Federal Reserve raised the federal funds rate to 5.25-5.50% in July, the highest in decades. The European Central Bank increased rates by 0.25%, and the Bank of Japan hints at a…
- Business News
Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
- World News
Singapore grapples with massive US$740 million money laundering scandal
Singapore is grappling with one of its largest-ever money laundering cases, involving over S$1 billion (US$740 million) of assets. Individuals, recently arrested and charged, allegedly held millions from unauthorised lending in China and illicit gambling in numerous banks such as United Overseas Bank, Citigroup and RHB Bank’s local units. Attempted fraud using counterfeit documents was also reported on banks including…
- Business News
Premium privilege: Thailand Elite Card set to increase membership fee by 50%”
Thailand Privilege Card Co (TPC), operator of the Thailand Elite Card, announced plans to increase its base membership price by 50%, raising it from 600,000 baht to 900,000 baht. The move is part of the company’s strategy to boost its annual revenue to 8 billion baht. In addition, the company will be introducing four new types of cards, all of…
- Business News
Thai government considers utility tokens to boost digital wallet initiative
The Pheu Thai-led government is anticipated to roll out utility tokens to bolster its digital wallet initiative, a move pending approval from the Bank of Thailand as the regulator currently bans using tokens as payment, according to Asia Plus Securities (ASPS). The financial services company projects that the government will issue Type 1 utility tokens, each valued at 10,000 baht,…
- Business News
Oil corporations slickly tap influencers, sparking eco-conscious uproar
Top oil corporations are increasingly utilising social media influencers to advertise their products, a move that has provoked criticism from environmentally conscious followers. The influencers, typically known for sharing lifestyle content, are now endorsing petrol stations, fuel rewards, and club cards. Instances of such promotions were identified by AFP across India, Mexico, South Africa, and the United States on platforms…
- Business News
Thailand’s PM plans to boost tourism revenue to US$100 billion by easing visa rules
Thailand Prime Minister Srettha Thavisin has proposed a plan to boost tourism revenue to nearly US$100 billion next year. This involves loosening visa regulations for travellers from China and India and extending the duration of stay for tourists from all nations. Chinese travellers, who accounted for the most significant proportion of visitors pre-Covid-19, have been subjected to a taxing visa…
- Crime News
Online impostors scam public with high-profile personas as digital deception thrives
Members of the public are being targeted by fraudsters posing as high-profile business figures as online scams continue to run rife. Authorities warned potential investors to exercise caution and authenticate any investment links or messages they receive, following a spike in scam cases. The Digital Economy and Society (DES) Ministry identified common traits among scammers, most notably the promise of…
- Economy News
Thai tourism faces strain from sluggish Chinese, Japanese economies
Tourism operators in Thailand are facing significant challenges due to the sluggish economies of China and Japan and an uneven recovery in Thai tourism that benefits larger operators. A recent survey by the Thai Hotels Association (THA) and the Bank of Thailand revealed that 29% of three-star or lower-rated hotels have been severely impacted by interest rate hikes and may…
- Business News
Sand and smiles: Nearly 18 million tourists make waves in Thailand this year
With the close of this year on the horizon, Thailand’s Tourism and Sports Ministry reported that almost 18 million overseas tourists have laid a beach towel in the Land of Smiles. Thailand, which heavily leans on tourism as a significant economic pillar, is setting its sights on welcoming around 28 million visitors by the end of the year. The statistics…
- Business News
Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised
Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%,…
- Business News
Thailand’s household debt soars as auto loans and cooperative debts spike
The secretary-general of the National Economic and Social Development Council (NESDC) issued a warning over the steady increase in Thailand‘s household debt. The critical areas requiring stringent monitoring were identified as auto loans and debt originating from savings cooperatives. During a press conference outlining the nation’s social outlook for the second quarter of 2023, Danucha Pichayanan revealed that household debt…
- Business News
Thai AirAsia targets 40% domestic market share by 2023, plans Japan expansion
Thai AirAsia, a leading low-cost airline, has set a goal to command 40% of the passenger market share domestically by the close of 2023. This comes as the airline intends to introduce two additional routes in Japan in the upcoming year. In a revealing disclosure, Santisuk Klongchaiya, the Chief Executive of Thai AirAsia, mentioned that the airline’s market share in…
- Business News
Siriraj Hospital partners with Cariva to bolster Thailand’s medical AI ecosystem
Siriraj Hospital‘s Faculty of Medicine, under Mahidol University, is partnering with local artificial intelligence (AI) start-up, Cariva (Thailand), to utilise AI technology in enhancing medical treatment and developing innovative medical products and services. This collaboration is aimed at solidifying Thailand’s reputation as a medical hub and facilitating the export of AI-driven healthcare innovations to the Asia-Pacific region. Dr Apichat Asavamongkolkul,…
- Business News
Phang Nga tourism council proposes new airport to surpass Phuket’s capacity
A proposal for a new airport in Phang Nga, which could potentially surpass Phuket as the south’s aviation hub, will be presented to the new prime minister by tourism operators in the Andaman provinces. The president of the Tourism Council of Phang Nga, Pongsakorn Ketprapakorn, shared that the new airport’s necessity stems from the rapid growth in tourist demand for…
- Economy News
Pheu Thai leadership welcomed by tourism operators
The Pheu Thai political party’s potential leadership of the Tourism and Sports Ministry has been warmly welcomed by tourism operators. This development arises from growing speculation around the formation of the new Cabinet. Numerous news outlets suggest that the ministry might transition from the Bhumjaithai Party to Pheu Thai. Adith Chairattananon, the honorary secretary-general of the Association of Thai Travel…
- Business News
Srettha Thavisin urged to address economic challenges swiftly
Thailand’s political stalemate came to a close yesterday as property tycoon Srettha Thavisin was elected as the country’s 30th prime minister following a majority vote in both houses of Parliament. Now, the nation’s business community is urging the newly appointed leader to hasten the process of organising his government. The aim is to promptly address a sequence of pressing challenges…
- Business News
Meta Thailand leverages AI for enhanced ROI and growth of reels
In an economic climate that continues to pose challenges, Meta Thailand is leveraging artificial intelligence (AI) to enhance the return on investment for businesses and advertisers. The company is also concentrating on the development of Reels, their short video clip service that serves as a competitor to TikTok. Prae Dumrongmongcolgul, the country director for Meta in Thailand, said… “We plan…
- Economy News
Domestic tourism in Thailand hits 93% recovery
Thailand’s domestic tourism sector has seen a significant recovery, reaching 93% of its pre Covid-19 levels, according to the Tourism Authority of Thailand (TAT). The TAT expects to record approximately 160 million domestic trips in the country this year, a sharp contrast to the dismal figures witnessed at the onset of the pandemic in 2019. At a press conference, Suladda…
- Business News
Thailand’s DES Ministry plans legal action against Facebook over scam complicity
Thailand’s Digital Economy and Society (DES) Ministry is preparing a legal case seeking the shutdown of Facebook within the country, accusing the social media giant of collusion with fraudulent operators. The ministry alleges that Facebook has been complicit in aiding scammers, who utilised the platform’s sponsored pages to deceive Thai citizens into making investments. The ministry plans to invoke the…
- Business News
EV sales in Thailand to hit 50,000 despite auto loan regulations
The Thailand Automotive Institute (TAI) anticipates a surge in electric vehicle (EV) sales to 50,000 units this year. This comes despite challenges such as diminishing purchasing power, rampant household debt, and the implementation of stricter auto loan regulations by banks. Last year, local EV sales in Thailand saw approximately 20,000 units sold. The popularity of EVs in the country can…
- Business News
Bangkok property developers anticipate economic rebound
Bangkok-based property developers on the Stock Exchange of Thailand are optimistic about an economic bounce back in the latter half of the year, expecting it to help meet their annual performance targets after a subdued start to the year. Property Perfect Plc., under the management of Wongsakorn Prasitvipat, is set to launch nine fresh housing ventures in the second half.…
- Business News
Chinese economic woes dampen bookings for Thai tourism sector
Tourism operators indicated a slowdown in forward bookings from China for the upcoming Golden Week holiday in October due to a challenging economic climate. A representative from the Tourism Council of Thailand, Surawat Akaraworamat, revealed that a sluggish economic rebound and potential deflation are having far-reaching effects on disposable income for prospective tourists from the Chinese mainland. “Travel agents have…
- Business News
Former Siam Commercial Bank executive launches 8 million baht shabu restaurant
A passion for the delectable flavours of Japanese shabu dining impelled Thienachariya, the onetime chief marketing strategist for Siam Commercial Bank, to inaugurate his own shabu restaurant at Erawan Bangkok. The restaurant is the brainchild of Thienachariya and a culinary trio of his associates, formed under the banner of their newly established company, Shabudoke Co. The culinary ensemble includes beef…
- Business News
Thailand’s insurance sector embraces digital revolution to boost resilience and consumer experience
Thailand’s insurance sector is adopting digital tech to tackle artificial intelligence (AI) and cyber threats and deal with the medical costs of the nation’s ageing population. Further steps were taken to boost industry strength and user experience. The strategy is headed by the Office of the Insurance Commission (OIC). Suthiphon Thaveechaiyagarn, the OIC secretary-general, disclosed that the first part of…
- World News
San Francisco trial investigates Tesla’s Autopilot role in fatal collisions
In the heart of San Francisco, begins the unfolding legal investigation into Tesla Inc’s inability to rectify limitations in its Autopilot technological system, post a fatal Florida-based collision three years prior, affirm multiple engineers tied to a lawsuit bolstered by a family who lost a loved one in an identical incident in 2019. The trial is due to go before…
- Business News
Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
- World News
H&M probes surge in Myanmar labour violations amid global fashion exodus
A shocking increase in labour violations at Myanmar garment factories supplying global fashion giant H&M has instigated an immediate follow-up from the retailer. This comes shortly after Inditex, owner of Zara, declared its decision to cease purchases from Myanmar, located in Southeast Asia. This suspension results from a report compiled by the Business and Human Rights Resource Centre (BHRRC), a…
- Business News
Map Ta Phut port to see third phase by 2027, IEAT confident
Reports from Thailand indicate that the Industrial Estate Authority of Thailand (IEAT) remains optimistic about presenting the third phase of development of the Map Ta Phut deep-sea port in Rayong by the year 2027. The port, a notable part of ongoing development in the Eastern Economic Corridor (EEC), is seen as an essential addition to Thailand’s infrastructure. Map Ta Phut…
- Business News
Grab Thailand partners with Alipay, Kakao Pay to appeal to Chinese, Korean tourists
Grab Thailand is entering a strategic alliance with Alipay and Kakao Pay to expand the payment alternatives available to Chinese and South Korean tourists who visit the country, an announcement from the company relayed. As the Thai tourism sector remains buoyant, Grab has identified Chinese tourists as pivotal to its strategy for this year. Worachat Luxkanalode, Country Head of Grab…
